How to Ensure Good Tenants for Your Property

November 9, 2017

property

Comments Off on How to Ensure Good Tenants for Your Property


There is no way that you can be sure that your tenants are going to take good care of your property. For this reason we have compiled a few tips that can be extremely helpful to you for making sure that your tenants are taking proper care of your property or household.

– Choosing the right tenants

Choosing the right and the most appropriate tenants is very important. As part of your vetting process, you must also make sure that you always contact the previous landlord of your prospective tenant. You should ask them whether their tenants were good with the property and if they would be able to allow them again.

– Cleaning instructions

In case you are in possession of any items that require some careful cleaning, you can supply this information to your prospective or future tenant. You can also write down all the instructions for cleaning on a laminated document so that you have to do this only once.

– Remove all your valuables and personal items

This means that you must take out all the items that have sentimental and financial value. You can also replace them with some cheaper alternatives.

– A large deposit

A large deposit can be very helpful in making sure that your tenant takes proper care of your property. You must at least take six weeks’ worth of rent as deposit and also make it clear to the client that if any damage is done on the property, the equivalent amount will be deducted from the deposit amount. This will easily ensure that the tenant takes good care of your property as if it is his property.

– Befriend the neighbors

It is important to befriend the neighbors as they can be all eyes and ears when it comes to overseeing your tenants when you are not around. You can also give them all the instructions and ask them to be highly vigilant when it comes to spying on your tenants. This is a very naughty step but a very effective step as well. It is one of the important things to remember.

– Regular inspections

Regular inspections must also be carried out for ensuring that your property is in good hands. For example you can visit your property once every three months and do an inspection. This will help you in the long run as it can increase your trustworthiness on the tenant which can have many long term implications.

Advantages of Hiring a Property Management Company

November 9, 2017

property

Comments Off on Advantages of Hiring a Property Management Company


Property managers provide a plethora of services for landlords, including helping them keep up with the daily essentials of building management that encourages a profit turnover. Renting out space for businesses or residency is a huge task and requires a lot of day-to-day upkeep and supervision.

Some of the services offered by property management companies include:

• Marketing / advertising empty spaces for rent
• Turnover duties
• Seeing to it that maintenance and repair measures are arranged
• Screening potential applicants
• Collecting monthly rent monies and deposits
• Issuing deposit refunds in accordance with city / country laws
• Delivering official notices to renters
• Assisting during the eviction process

This is a small list of the duties that a property manager performs. There are actually many more aspects that go into the job and a lot of landlords would rather hire a company to take on the burden versus doing it themselves.

Benefits of Hiring a Property Management Company

Professional property managers can help landlords in a variety of ways, including:

• Saving property owners stress
• Time
• Money

Unless a landlord is fluent in the ways of property ownership or is willing to educate themselves on how a tenant/landlord relationship should be, hiring a managerial company is a wise investment. In addition to the many duties that come with being a landlord, there are also legalities that must be adhered to in order to forgo problems.

Property managers play a proactive role in the tenant screening process, which is very important. Did you know that the only way you can make money (and not lose it) is by occupying your buildings with reliable tenants? If you place tenants into your buildings that are not known to pay their rent on time, you risk losing time and money.

You might be wondering how you would lose time, and the answer is simple. Instead of having great tenants in place who pay their rent, you are stuck dealing with renters who aren’t providing you with any sort of profit. With the proper management team in place, you can forgo all of this hassle.

Property managers will also screen applicants for any prior evictions on their records, if they are known to damage rental spaces, and a variety of other red flags that landlords should be privy to.

Did you know that when a property is left vacant for any amount of time it becomes a financial drain on the owner? When it comes to turnover, this process can take a lot of time and put quite a bit of strain on a busy landlord. Manager will ensure that the space stays inhabited by great renters and will also get the unit ready after old tenants move out. These are valuable assets for any space owner.

As a landlord, it is your duty to ensure that all renters have the appropriate lease contract in place prior to occupying the space. If you have a property manager working for you, the confrontation of lease enforcement can be taken off your shoulders as the company will handle this. Making sure tenants comply to their leases is a big and important job.

Should you face any legal issues; the management company will take care of them for you and even go to court on your behalf. Hiring a property management company is probably one of the bet things any landlord can do for his or her business and sanity.

BCN Advisors planted their real estate agency roots in 2005. With over 10 years of experience in the industry, the company has shaped and moulded their skills and talents by turning themselves in to one of the areas most trusted real estate agencies. The BCN team had humble beginnings but quickly grew to have a solid reputation amongst property buyers and sellers alike.

The Best Qualities of a Property Manager

November 9, 2017

property

Comments Off on The Best Qualities of a Property Manager


The importance of property managers is not new to anyone, especially to the landlords, buyers, sellers and tenants. Real estate management is a career profession and is booming in every corner of the world. The manager works either directly for the owner of real estate properties or works for a real estate management firm. Nowadays, owning a rental property anywhere on this planet requires the assistance of property management services which are professional and efficient. Not all managers have the same competency to find you a rented house or a house to buy. Hence, you need to consider certain things before hiring a manager:. Wondering what are these? Check out here:

Reliable and ethical

Property managers need work on a code of honour while they deal with other people’s trust and money. While collecting rent, laundry machine money, maintenance charges, security deposits, etc. the managers should maintain a fiduciary relationship with the property owner. While the owner entrusts his money and property, the manager must be honest with these. The managers must perform at the highest level of integrity.

Local ordinances and state laws

There are separate land laws of every place and every country. The Government usually decides on how the real estate is to be managed. The manager needs to stay updated with the legal requirements of managing real estate so that he or she can take right decision and correct action whenever required.

Organised and detail oriented

The property manager, while collecting rent, must also ensure that the rent is paid and updated in the tenant’s account as “Received”. He should maintain financial records with details of each and every transaction. Also, it is their duty to remind the tenants about the rent increase, lease renewals, lease expirations, etc. In short, the manager must be able to multi-task based on priorities.

Technical competency

In today’s date, a property manager should have computer competency along with other technical skills like typing, driving, etc. The methods of mail merging, emailing and faxing need computer knowledge. Also, he or she should be in complete command of basics of computer usage. Only then they can efficiently handle all tasks.

Communication skills

The property managers must have good communication skills as they have to deal with people coming from all walks of life and all corners of the world. Hence, the managers must be able to document their cases in front of judges, negotiate with vendors, and talk to owners and tenants even when they are in bad state of mood. They should always deal with their clients in professional manner.

Flexible mind

The managers must have a flexible mind as this is a volatile profession. They should have ability to accept changes of law and have positive and unbiased attitude, obey fair housing laws, etc. They should not mistreat tenants.

Grieving Real Estate Taxes: 3 Options

November 9, 2017

property

Comments Off on Grieving Real Estate Taxes: 3 Options


Different municipalities, in various parts of the country, use a number of different methods, of determining real estate taxes, Some of these have very simple systems, and even those usually have a number of flaws. Others, like in New York City, there is less burden on real estate taxes, because most of the fees and taxes, are derived from income, etc. Here, in Nassau County, just east of New York City, there is a somewhat complicated system in place, where those who don’t try to grieve their assessed values (and thus their tax), are often punished by that very system. This article will discuss localities, where homeowners have the ability, to grieve these rates, etc. Basically, there are only 3 options available: 1) Do nothing; 2) Do it yourself; and, 3) Hire a qualified company to represent you.

1. Do nothing: When you receive your annual assessed value, which has been determined by assessors, hired by the municipality, you decide to do nothing. While one might do this because of either laziness, ignorance, a misled – belief in the system/ fairness, etc, the result is often getting punished, because many others will dispute their assessment, and often receive some sort of reduction. Remember, grieving these, has no substantive penalty, if denied!

2. Do it yourself: The procedure is not a complicated one, and it is certainly possible to do this oneself. However, that may also be said for preparing one’s income tax, etc, and most people benefit from using the services of professionals, who specialize in this procedure. The advantage of doing it yourself is, if you win, you will receive the entire savings, while if you hire someone, you’ll pay a fee. The disadvantages of going the solo route include: unfamiliarity with the nuances of the form; inability to use the most relevant Comparables, and/ or appearing by oneself, if it ends up going to a hearing.

3. Hire a qualified company: This is the route I have taken every year. Could I have done this myself, and saved paying them, if they win the reduction for me? Probably, but also understand, this company receives nothing unless they get me a savings, and then they receive a percentage of what they’ve saved. I look at this as found money, and I have to do nothing other than hire them, risk – free. I favor this route because it has been a successful course of action, for me!

Regardless of which way makes you feel comfortable, I urge you to seriously consider either proceed using the second or third route, and don’t leave your money on the table, by failing to grieve, while many others do. When you go to sell your home, taking no action, might hurt you, because your house will probably show significantly higher real estate taxes, than your neighbors.

10 Property Management Tips

November 9, 2017

property

Comments Off on 10 Property Management Tips


Are you looking for some useful property management tips? If so, you may want to read the following 10 tips from experts in the field. With these tips, managing property will be a lot easier for you. Read on.

Provide Important Information

Make sure your customers and clients have access to the information about the properties. If you really want to get the listing, you should be able to share all the relevant information in an efficient manner.

Be Punctual

You should be committed as far as making arrangements for a meeting or appointment is concerned. Try your best to get to the meeting point at least a few minutes earlier. This is a good way of leaving great impression on your clients.

Presentation

You should be well dressed when seeing your clients. This will encourage your clients to treat you well. Moreover, your dress code will tell a lot about you.

Honesty

You should be honest while providing reports and statistics about your properties. Providing misleading or false information to clients is the best method to destroy your business. What you need to do is find a strategy to deal with the situation and get a solution instead of providing false information.

Marketing

You should market your property in an effective way. The vender may have unrealistically high hopes, but you should be realistic and shouldn’t agree to the price offers without taking the time to think about everything. After all, you don’t want your property to sit vacant for months just because the price tag was too high.

Advertising

Advertising your property is of great importance. Make sure the advertisement is available at the right time. Therefore, you should be ready with a draft on time. Aside from this, it’s better that you get approval from the vender prior to uploading the advertisement on your site.

Photography

Make sure you take some professional photos of the properties and upload them on your site. Ideally, it’s a good idea to take at least 4 pictures of each property. The pictures should be taken from different angles. Putting a few videos along with photos is also a great idea.

Stay in Touch

You should send updates and reports to the property owners on a regular basis. As a matter of fact, maintaining great relationship with your clients pays. Losing a client is easier than gaining a new one. Therefore, you should stay touch with your clients.

Database

You should know your database. Your prospective clients should receive the same level of respect as do your existing clients. Therefore, it’s a good idea to take a look at your list of clients from time to time.

Background checks

Make sure you do background checks on your tenants. What you need to do is do rigorous background checks on the personal information, tenancy history and employment history of your tenants. This is a great way of making sure you are on the safe side.

How A Property Management Company Helps With Quality Renters

November 9, 2017

property

Comments Off on How A Property Management Company Helps With Quality Renters


One of the toughest parts of being a property investor is finding an outstanding tenant to fill your vacancy. What makes an outstanding tenant? The two most important things are that the tenant pays their rent on time and cares for the property as if it were their own.

According to MarketWatch.com, considerations for placing a quality tenant in a property is more valuable than even the old adage of location, location, location when investing in the rental housing market. As such, this is one of the most valuable aspects of working with a property management company. A good property management company will find you rock star tenants that will not only pay the monthly expenses on time, but also keep the home looking as nice as it did the day they moved in.

But what do property management companies do to make that dream tenant a reality? We’ve highlighted some of the most important steps a firm can take to protect you and your investment.

The most important aspect to finding a quality renter is the screening process. A reputable property management company will utilize a nationwide screening company to ensure the most qualified candidates are found.

Several factors come into play when screening a potential renter. Things like criminal and sex offender history are good places to start. But beyond that, other items that will be checked include credit history, verify income, check rental history and search for past evictions. By thoroughly researching potential tenants, you can feel confident about the tenants you allow in your home.

Also, by being available to take applications online 24/7, a property management company will be able to swiftly process the applications received and get a quality tenant in your property faster than if you did it yourself.

A reputable property management company will also likely have a marketing department that will utilize as many resources possible to reach potential renters. This is particularly important because quality renters may seek out a reputable company that appears more legitimate rather than work with an individual one on one. With rigorous marketing, quality renters will gravitate toward properties represented by a reputable firm.

A good property management company will always strive to treat tenants with the utmost respect and address their needs swiftly. A tenant should feel that the home they inhabit is more than just a place to hang their hat, they should care for the property as much as if it were their own. Even the best tenant can become disgruntled and less than motivated to care for the property when they feel they are not being treated well and their concerns not addressed.

By working closely with the tenant, a property management company helps to keep the tenant happy and willing to do the little extras that keep up your investment. For many investors it is not possible or practical to build this relationship themselves and by letting a management company take over the work, you can rest assured the tenant will be happy to call your house their home.

Also, keeping a good quality tenant happy in the property means they are more likely to renew, which will keep costs down and keep the steady stream of income from the reliable tenant coming in to you.

Finally, much in the same way that having a sign for a security company outside your home can act as a deterrent to burglary, association with a property management company may deter unqualified renters from applying in the first place. Often, those who cannot meet the rigorous standards set forth by a property management company will seek out individual landlords who may not have the knowledge or resources to help find qualified candidates. When you partner with a property management company, you send the message to potential tenants that you are seeking quality and will not be taken advantage of.

At Park Avenue Properties we take finding and retaining quality tenants seriously. We know that for investors, filling a vacancy means earning on your investment. We take all the steps above to ensure that we get the best tenants possible in your property as quickly as possible.

The 2 Simplest Ways to Maintain Your Parkade Properly

November 9, 2017

property

Comments Off on The 2 Simplest Ways to Maintain Your Parkade Properly


The 2 simplest ways to best maintain your Parkade.

How condo boards can maximize their investment now and for years to come.

Recent information on maintenance shows that a condo board can plan to pay anywhere from $100 to $500 per parking stall to keep its parkade in good repair and to budget for upkeep of the moisture protection systems. So, if a building had 150 stalls, it breaks down to an average of $25 per stall, or $15 to $75 thousand dollars.

What are the best ways for a condo board corporation to use this money effectively?

By focusing on the reserve fund and operating budget, here are some guidelines to make sure that the parkade is maintained properly.

Before we start let’s get down to basics.

Most parkades today are equipped with reinforced concrete. These are durable because of waterproof membranes that protect against water and salts, which both can destroy the concrete surface. This happens when water and salts mix together and contact metals and steels which create iron oxide or rust. The rust expands and creates pressure on the surrounding concrete. These metals are found in rebar- which creates strength on the concrete floors. The rusting process reduces the strength of the concrete, and can severely affect its ability to handle weight in the parking areas. Eventually, the structure’s integrity can be comprised, in some cases, it could even collapse completely!

So the aim of maintaining parkades properly is to make sure that the salts and dangerous pollutants are removed on a regular basis.

Here are the 2 simplest ways to maintain your Parkade and help reduce the damage to the parking garage structure.

1) The most cost-effective plan is to have your parkades power swept, pressure washed, and power scrubbed, at least twice a year. This will combat against the harmful influences of rusts, dirt and dangerous debris.

2) Have a regular program for flushing and cleaning floor drains and drain pipes in the garage every 6 months. A good time to do this is as the parkade is being swept and scrubbed. This allows the salts and dirt waters in the parkade to flush down these pipes safely. This reduces the contamination of salts and debris on the concrete surface.

It is a lot easier to make sure the membrane and concrete are properly cared for with regular maintenance than to overspend on replacement costs of the overall structure. A little maintenance goes a long way when it comes to important structures like your parkade.

Real Estate Agent Job Description

November 8, 2017

property

Comments Off on Real Estate Agent Job Description


Real estate agents liaise between home owners and buyers to conduct the sale, purchase or rent of properties. They work for brokers and play a major role in assisting people buy or sell residential, commercial or industrial property. They keep and maintain an up-to-date account of property listing and other relevant housing information to stay abreast with properties available on the real estate market. They subscribe to several listing services to advertise and market properties up for sale. They also contact property and market properties up for sale. They also contact property owners to obtain information regarding a property.

As part of their responsibilities, estate agents present sales and purchase offers to clients for consideration. They advise them on property rates, legal requirements and general market trend. They also interview clients to determine their property preference or specification. Usually, they prepare a list of properties that best match the needs and requirements of clients. They visit and inspect properties in order to establish precise property value. They also proffer recommendations to clients on properties that best suit their budget and preference.

Most estate agents oversee the preparation of closing statements, purchase agreements, representation contracts and other necessary documents required for estate trade. They conduct negotiations between property sellers and buyers to establish price and other terms of sales. They also liaise with pest control operators, home inspectors etc. to ensure the terms and conditions stated in a purchase agreement are met prior to the closing of sales.

In fulfilling their role, real estate agents oversee the closing of property sales, they ensure payment is complete and appropriate documents signed. They maintain contact with clients to offer them real estate services/products and assist with the resolution of issues. They also provide consultation services to clients to recommend strategies for the speedy sale of property. They often conduct training programs for junior/trainee sales agents to enhance their sales skill. This job position requires at least a high school diploma, state license for practice and an aptitude for sales. Qualities needed for the job include persuasion, interpersonal skills and problem-solving skills.

Real Estate Agent Job Description Sample

Given below is a sample of the job description usually handed real estate agents by most employers:

  • Act as liaisons to conduct real estate trade between property buyers and sellers
  • Present sales offers to clients as well as bid on available properties
  • Carry out investigations to determine client credit status and ability to complete payment
  • Inspect properties to appraise its value and estimate the worth on the property market
  • Interact with clients to identify their requirements and proffer recommendations on properties that best suit their budgets
  • Assist home sellers in promoting their buildings on property listing services to attract clients for purchase
  • Prepare and deliver sales pitches to clients in order to secure real estate contract
  • Provide clients with a list of properties available for sale to assist them in making choice selection
  • Conduct price negotiations between property buyers and sellers to ensure a fair bargain for both parties
  • Provide clients with a tour of residential, industrial or commercial properties to showcase and explain property features
  • Carry out investigations to confirm clients have clear property titles
  • Provide appropriate reply to client’s enquiries concerning property appraisals, financing, maintenance etc.
  • Examine property premises to recommend maintenance measure required to improve the face value
  • Assist clients in evaluating mortgage options to obtain the best rate and terms
  • Attend conventions, conferences and seminars to improve existing job knowledge and expand personal network.

If you are a recruiter needing the best real estate agent to hire, you can use the sample job description above in making one for your company, for use in hiring and assigning duties to the successful candidates.

Is Your House Prepared to Be a Rental?

November 8, 2017

property

Comments Off on Is Your House Prepared to Be a Rental?


If you have lived in the house for a while, there may be broken or worn out items that you have overlooked. Safety issues and even legal issues should be resolved before you put your house on the market. It is in your best interest to do some preparation before you post the “for rent” sign.

Repairing structural or system defects should be at the top of the list. Tighten handrails, repair steps, and remove hazards inside and outside the home. Make sure all heating, plumbing and electrical elements are up to code. Elevated decks, railing, flooring and framing should be inspected by a Class A contractor for structural safety. Your goal is to have all systems running smoothly and efficiently.

Pay special attention to regularly used appliances such as refrigerator, stove, microwave, washer, dryer, etc.. These appliances receive heavy use daily and should be in good working order. Bathrooms, toilets, showers and tubs should have a clean appearance and be free of mildew. Replace missing tile grout and re-caulk tub and shower with a fresh bead of caulk. Is your carpet stained or worn? Cleaning the carpet, or if necessary replacing it, will freshen up your home. Make sure there is at least one working smoke detector on each level of the home and replace old batteries with fresh ones.

Make sure the property has a clean and tidy appearance inside and out. Remove all personal items from the interior and exterior of the home and yard. Take cans of old used paint to the dump along with yard waste and other items that are not needed. Clean out the garage and sweep away dirt and cobwebs to make the space fully usable. Improve curb appeal by trimming shrubs and bushes and touching up peeling paint on the house or porch.

When thinking about whether to make an improvement or an upgrade to your potential rental property, consider the competition and the price range of other rental homes in your neighborhood. Think about who your target tenant will be. Your location along with the price will be the deciding factor in who will be interested in your house. Will you attract university students, a family with younger children, or singles? You don’t want to over-improve your home and price yourself out of the rental market in your area.

Lastly who will service and manage your home? Do you plan to manage the property yourself or employ a management company? If you are managing the property yourself, you will be the sole contact for the tenant – collecting rent, performing regular property inspections, routine maintenance, and emergency repairs. Hiring a property management company will relieve you of these responsibilities and partner with you to make your investment profitable.

Commercial Property Management – Some Simple Points

November 8, 2017

property

Comments Off on Commercial Property Management – Some Simple Points


In this job profession it is a business service that is designed to help assist owners in supervising their commercial properties. A commercial property manager may have several jobs but essentially they are the ones that will take care of details that are related to the following:

• Upkeep of the buildings on the property such as making sure that the lawns are mowed, any repairs needed are done promptly
• Checks out and qualifies potential new tenants who want to rent one of the commercial buildings or stores
• Oversees the leasing of sections of the property such as retail space in a mall
• Collects the rent from tenants on behalf of the owner

A commercial property manage involves overseeing any type of commercial property from multi-storied office buildings to retail space. Many times property owners will use a commercial property management firm to hand all the day-to-day details of operating the property so it frees up the property owners time for other aspects of business. The firm that is managing the commercial properties is generally granted the authority to make any decisions that will impact the amount of income the owner receives from their property. Hiring the right management firm can often lead to securing the best rental rates for the space and having a lower turnover of tenants.

One thing that is the responsibility of a commercial property manager is to screen potential tenants by accepting their application and then doing a background check. If the tenant is approved to rent a space then the manager will prepare the lease. For the duration of the lease the manager will make sure that the tenant is provided with all the responsibilities and benefits that are listed in the lease agreement, including the rental amount, when it is due, etc.

The commercial property manager will also serve as the liaison between the tenants and owner. If the tenant has any problems or needs repairs to their space they will see the manager who will take the necessary steps to resolve the issue or have what is wrong repaired. It is the manager’s responsibility to resolve the matter to the satisfaction of the owner and the tenant. If the tenant is not paying the rent as outlined in the lease or doing anything that is not in the lease the commercial property manager will be the one that is responsible for delivering the eviction notice. Each jurisdiction or state has their specific regulations in regards to eviction. When serving an eviction notice the manager must be sure that they are following every step in the process to the letter. This makes sure that everything is done legally and the tenant cannot complain they were evicted illegally.